I don't think it's going to be as big a deal as some people make it out to be. I'd be willing to bet that most people with student loans are making decent money. Personally I carry loans that I haven't made a payment on yet (graduated right before COVID appeared) so instead I paid my car off (much higher interest rate) and have now built up an awfully good emergency fund. We rent but I'm way inside my affordability range right now and I always keep in mind what my financial picture will look like once my loans require payment.

I'm sure there are a few out there that over-leveraged for their hoom banking that their loans would be forgiven and will end up feeling some hurt but my hunch is that they are a minority.